RBI's moratorium on crisis-hit private sector lender Yes Bank has been lifted. Yes Bank customers can now withdraw money from ATMs and access other banking services.
Taking it to Twitter, the troubled bank said, "Our banking services are now operational. You can now experience the full suite of our services. Thank you for your patience and co-operation."
The bank also informed that its branches will open one hour earlier at 8:30 hours from March 19 to 21, 2020. It has also extended banking hours across branches for its senior citizen customers from 16:30 hours to 17:30 hours between March 19 to March 27, 2020.
Administrator Prashant Kumar said on Tuesday that all the ATMs are fully stocked. "There is no absolutely no issue on liquidity side from Yes Bank, all our ATMs are full of cash," he stated in a press conference. He also assured depositors that there was no need to withdraw cash in panic.
Earlier on Monday, Prashant Kumar, in a letter to Yes Bank's customers, said that the lender has now emerged stronger and that it looks forward to achieving new milestones. "We invite you to any of our 1,132 branches across India from March 19, 2020, post commencement of banking hours to experience the full suite of our services," Kumar wrote.
The RBI had put Yes Bank under moratorium in wake of deteriorating financial conditions, governance issues as well as outflow of liquidity. The apex bank had limited the withdrawals to Rs 50,000 for a month.
Boosted by the development, shares of Yes Bank gained almost 50 per cent in intraday trade on Wednesday. The stock price opened with a gain of 9.97 per cent and later touched an intraday high of Rs 87.95, rising 49.96 per cent on BSE, against the previous closing value of Rs 58.65.
By Chitranjan Kumar